New Tax assessment

New tax assessments

  • I feel the new assessments are fair

    Votes: 1 5.6%

  • Higher then I thought - but I'll pay it and not complain

    Votes: 4 22.2%

  • I think my assessment is too low

    Votes: 1 5.6%

  • They must be crazy - I'm appealling it

    Votes: 10 55.6%

  • Don't worry - county commishes will lower the tax rate

    Votes: 0 0.0%

  • I'm selling and moving to another state

    Votes: 2 11.1%
  • Total voters
    18
  • Poll closed .
slik

slik

New Member
Recieved a nice letter from the State of Maryland yesterday informing me that my home is now assessed at double what it was a couple of years ago. From looking at the paper many people will receive the same type of letter this week.
I'm grateful that my home has appreciated, but in checking the state web site I see that my neighbhors land values are significantly less then mine. I'll be appealing.

Just curious on what everyone elses reaction is in regards to the new assessment.
 
Railroad

Railroad

Routinely Derailed
I'm against raising taxes as a matter of principle. It sounds like this is pretty outrageous. But since I haven't gotten a letter yet, I don't feel like I understand enough to say anything more or vote in the poll (yet).
 
LexiGirl75

LexiGirl75

100% Goapele Head!
I got the letter yesterday too. I didn't know I had to pay anything. I had gotten the tax bill in Sept and paid half and then found out that I wasnt suppose to pay anything because my mortgage company pays it for me. Drats! Well they paid the other half already in early December. So what's this about paying additional costs? :popcorn:
 
willie

willie

Well-Known Member
Calvert is affected this year, don't know about St. Mary's. It's a good thing if you're planning on moving soon but it stinks if your planted in the waterfront home of 30 years that you are very comfortable in. It is a shame that for some people, a reverse mortgage is the only way to stay in your long time home.
 
slik

slik

New Member
LexiGirl75 said:
I got the letter yesterday too. I didn't know I had to pay anything. I had gotten the tax bill in Sept and paid half and then found out that I wasnt suppose to pay anything because my mortgage company pays it for me. Drats! Well they paid the other half already in early December. So what's this about paying additional costs? :popcorn:
Click to expand...


But your mortgage company is using the money you put in escrow so the true effect is that you paid them. Since you sent in the first half - and the mortgage company paid the second half you should have a credit in your escrow account. They may wind up sending you the money depending on how much is left - the mortgage companies are required to only keep so much in escrow. The assessment you just received is for the coming tax year. Meaning your taxes have gone up and in exchange your mortgage may go up for the additional funds needed in escrow to pay the bill for the coming year.
Guessing your in St. Mary's where the cap is 5%. Here in Charles the cap is 10% and I'm looking at my taxable property values going up 10% for the next 3 years (until they assess again).
What I'm not sure on is what happens if the real estate market tanks ? Right now I know I can sell my house for atleast $250k more then what the "new market value" is on the assessment. But if the market drops dramatically in the next year or 2 my house may sell for the "new market price or less". Seriously thinking about taking my equity and running.
 
Wickedwrench

Wickedwrench

Stubborn and opinionated
Where's the option of "I think they're nuts, and I complained but they told me to stick it and now I have to pay.":shrug:
 
LexiGirl75

LexiGirl75

100% Goapele Head!
slik said:
But your mortgage company is using the money you put in escrow so the true effect is that you paid them. Since you sent in the first half - and the mortgage company paid the second half you should have a credit in your escrow account. They may wind up sending you the money depending on how much is left - the mortgage companies are required to only keep so much in escrow. The assessment you just received is for the coming tax year. Meaning your taxes have gone up and in exchange your mortgage may go up for the additional funds needed in escrow to pay the bill for the coming year.
Guessing your in St. Mary's where the cap is 5%. Here in Charles the cap is 10% and I'm looking at my taxable property values going up 10% for the next 3 years (until they assess again).
What I'm not sure on is what happens if the real estate market tanks ? Right now I know I can sell my house for atleast $250k more then what the "new market value" is on the assessment. But if the market drops dramatically in the next year or 2 my house may sell for the "new market price or less". Seriously thinking about taking my equity and running.
Click to expand...

Thanks for the good info, yes I am in SMC. I spoke with my mortgage advisor(the lady in charge of my loan) and all she said was "You're never to pay anything for your taxes, they will always send you the bill", but she didn't mention anything to me about a refund. However, I was planning to write them to ask about the money before I received the assessment now I don't know.
 
Cletus_Vandam

Cletus_Vandam

New Member
Appeal Process Stinks...

About five years ago, my wife and bought land in St. Mary's for $50k. It had sat for years for sale at $80k but never sold. Finally the price was lowered and we bought for what I mentioned.

About 8 months later, I received the tax bill and the value of the land was shown at $80k. I appealed it and went before the tax assessor, he rejected the appeal and I took it the next step to the tax board for appeal. The tax board is made of of average citizens who volunteer to sit on the board. The listened to my case which was simple. "If the land was for sale at $80k and never sold, and I purchased for $50k, then how can it be worth more than I paid for it???". The tax board agreed with my logic and the tax bill was adjusted.

Problem with all this was next year's bill comes and it's back up to $80k. I call the assessor's office and he explains that the appeal process is for each tax period, not a permanent or long term appeal, so if I liked I would have to go through the same process for what amounted to less than $50 in taxes.

It simply wasn't worth the time I had to take off work.... :coffee:
 
W

Wenchy

Guest
Where's the option: "Going to sell my home, and rent a trailer, so I can afford to eat when I retire."

???

:sarcasm:

The fact is, all of our property values have skyrocketed, and now we have to pay more out of pocket.

We can sell, but where in the world do we go?

I won't appeal, like Cletus said, it's simply not worth it (opportunity cost)
That reminds me of a woman in the store last week. She wouldn't buy a sweater because MD has 5% tax (she was from DE...no tax) She said she was going to stop by Christiana Mall and see if they have the same sweater. The tax was only 78 cents! :lmao:
 
W

Wenchy

Guest
Nickel said:
I think there's still a house for sale on my street! :dance:
Click to expand...

You would be an awesome neighbor...

:banana:

Didn't the assessments just go up 100% there? :lol:
 
Nickel

Nickel

curiouser and curiouser
Wenchy said:
You would be an awesome neighbor...

:banana:

Didn't the assessments just go up 100% there? :lol:
Click to expand...
Yes, a few weeks ago. But it's my understanding that the houses that were hit with the 100% increase were the older ones. Ours is brand new, so it assessed for pretty much what we bought it for.
 
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